Hibernia appointed to sell Asset Management Trust

Hibernia Corporate Finance has been appointed to sell Asset Management Trust (AMT), a Dublin authorised investment advisor which is the subject of an ongoing examination by the Central Bank.

‘Acquisition opportunity’

Hibernia has advertised the business as an “acquisition opportunity” without naming the

company it is trying to sell.

The Irish Times has determined however that Hibernia is seeking a buyer of AMT. The corporate financiers state that AMT has €28 million under management split between €8 million in pensions and €20 million in investments.

The AMT business, Hibernia says, produces €300,000 in recurring income and has 240 clients based mainly in Dublin.

“Owner willing to stay on to transition clients,” it also states in a sale advertisement.

Hibernia declined to comment when contacted, citing client confidentiality.

Gerry McCoy, managing director of AMT, also declined to comment as did the Central Bank. Last week, the Central Bank issued a statement that said it is "examining issues in relation to AMT Ltd". It noted the firm was "not authorised to handle client monies".

Protecting consumers
"While the work is ongoing, the Central Bank has imposed directions on the firm in the interests of protecting consumers," the Central Bank added.

Hibernia is a boutique corporate finance firm which, according to the Companies Office, was founded last year. It states on its website that it provides “merger and acquisition services to medium-sized companies nationwide, with turnover between €3 million and €50 million.”